Core Viewpoint - Recent consumption-boosting action plans announced by Guangzhou and Shenzhen aim to enhance residents' consumption capacity and willingness, increase quality and diverse consumption supply, and strengthen policy support, reflecting Guangdong's commitment to national consumption stimulation efforts [1][3] Group 1: Policy Initiatives - The government has prioritized boosting consumption and improving investment efficiency as key tasks for economic development, with various policies introduced at national and local levels, including large-scale subsidies for replacing old equipment and consumer goods [3][4] - Guangdong province has implemented a comprehensive consumption stimulation plan, with local cities launching initiatives such as consumption vouchers, shopping festivals, and incentives for upgrading household appliances and vehicles [3][4] Group 2: Economic Impact - The combination of old-for-new policies and promotional activities has led to significant growth in Guangdong's consumption market, with sales from the old-for-new program reaching 69 billion yuan in the first quarter of the year [4] - During the recent Dragon Boat Festival, Guangdong welcomed 19.2 million tourists, generating 9.11 billion yuan in tourism revenue, showcasing the positive impact of cultural and tourism consumption on the economy [4] Group 3: Characteristics of Consumption Policies - The consumption policies exhibit a "short and long" approach, combining immediate stimulus measures with long-term infrastructure improvements to stabilize consumer expectations [5] - There is a focus on supply-demand coordination, leveraging emerging industries to meet personalized and sustainable consumption needs while enhancing the purchasing power of low- and middle-income groups [5] - The policies emphasize the importance of coordination among fiscal, financial, industrial, and investment policies to create a supportive environment for consumption growth [5]

Group 1 - The Magnificent 7 index of major US tech stocks fell by 0.89%, closing at 165.71 points [1] - Amazon shares decreased by 2.03%, closing at $213.20, with a market cap of $2.26 trillion, down 2.82% [2] - Apple shares dropped by 1.92%, closing at $198.78, with a market cap of $2.97 trillion, down 20.43% [2] - Meta Platforms saw a decline of 1.18%, closing at $694.14, with a market cap of $1.75 trillion, up 18.66% [2] - Nvidia shares fell by 0.78%, closing at $142.83, with a market cap of $3.49 trillion, up 6.38% [2] - Alphabet (Google A) shares decreased by 0.70%, closing at $177.35, with a market cap of $2.15 trillion, down 6.09% [2] - Tesla shares increased slightly by 0.10%, closing at $326.40, with a market cap of $1.05 trillion, down 19.18% [2] - Microsoft shares rose by 0.36%, closing at $472.62, with a market cap of $3.51 trillion, up 12.56% [2] Group 2 - AMD shares fell by 1.68%, closing at $121.17, with a market cap of $196.46 billion, up 0.31% [2] - Berkshire Hathaway B shares decreased by 0.61%, closing at $488.32, with a market cap of $1.05 trillion, up 7.73% [2] - Eli Lilly shares increased by 0.18%, closing at $808.61, with a market cap of $766.35 billion, up 5.14% [2] - TSMC ADR shares rose by 0.77%, closing at $214.10, with a market cap of $1.11 trillion, up 8.83% [2]

Group 1 - The National Enterprise Win ETF (159719) has seen a slight decline of 0.33% as of June 10, 2025, with a latest price of 1.52 yuan, while it has accumulated a rise of 0.92% over the past week as of June 9, 2025 [1] - The liquidity of the National Enterprise Win ETF is active, with a turnover rate of 11.05% and a transaction volume of 12.35 million yuan, while the average daily transaction volume over the past year is 17.53 million yuan [1] - The China Securities Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) has decreased by 1.12% as of June 10, 2025, with mixed performance among constituent stocks [1] Group 2 - There is a notable trend of central enterprises accelerating share buybacks and increases, with 35 central enterprise-controlled listed companies disclosing shareholding increase plans and 27 companies announcing buyback plans this year [2] - Since April 2025, 29 companies have disclosed the latest progress on shareholding increases and 18 on buybacks, indicating a rapid implementation of these plans [2] - The market is expected to see a systematic deepening of central enterprise value management, with opportunities for value re-evaluation in the capital market anticipated in the second half of the year [2] Group 3 - The Greater Bay Area ETF closely tracks the China Securities Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index, with the top ten weighted stocks accounting for 53.21% of the index as of May 30, 2025 [5] - The National Enterprise Win ETF tracks the FTSE China National Enterprise Open Win Index, which consists of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong [5] - The top ten constituent stocks of the National Enterprise Win ETF are predominantly "China National" stocks, including major companies like China Petroleum and China Mobile [5]

Core Viewpoint - The second batch of Yangtze River Delta Innovation Alliances has been officially announced, with three enterprises from Anhui leading the initiatives [1][4]. Group 1: Innovation Alliances - A total of 12 innovation alliances have been established, each led by a different company, focusing on various technological advancements [3]. - The leading companies and their respective innovation alliance names include: - Jiangsu Hengtong Optic-Electric Co., Ltd. leading the "Yangtze River Delta Marine Information Transmission Technology Innovation Alliance" - Jiangsu Aosaikang Pharmaceutical Co., Ltd. leading the "Yangtze River Delta Antimicrobial Infection Drug Research Innovation Alliance" - Nanjing Meichen Microelectronics Co., Ltd. leading the "Yangtze River Delta Low Earth Orbit Satellite Communication Integration Technology Innovation Alliance" - China Electronics Jinxin Digital Technology Group Co., Ltd. leading the "Yangtze River Delta Artificial Intelligence Source Network Collaborative Energy Management Innovation Alliance" - Shanghai Chemical Industry Research Institute Co., Ltd. leading the "Yangtze River Delta Isotope Technology Innovation Alliance" - Shanghai Yudu Semiconductor Technology Co., Ltd. leading the "Yangtze River Delta Electrical Measurement Equipment Innovation Alliance" - Zhejiang Jingsheng Mechanical and Electrical Co., Ltd. leading the "Yangtze River Delta Integrated Circuit Large Silicon Wafer Polishing Technology Innovation Alliance" - Hangzhou Shenhao Technology Co., Ltd. leading the "Yangtze River Delta Intelligent Robot Innovation Alliance" - Ningbo Geely Luoyou Engine Parts Co., Ltd. leading the "Yangtze River Delta Green Intelligent Powertrain Innovation Alliance" - Efort Intelligent Robot Co., Ltd. leading the "Yangtze River Delta Robot High-Speed High-Precision Technology Innovation Alliance" - Anhui Wanyi Technology Co., Ltd. leading the "Yangtze River Delta Wireless Minimally Invasive Surgery System Innovation Alliance" - Anhui Jianghuai Automobile Group Co., Ltd. leading the "Yangtze River Delta Automotive Low Carbon and Intelligent Technology Innovation Alliance" [3]. Group 2: Strategic Focus - The 12 innovation alliances are designed to address national strategic needs and align with local dominant industry directions, aiming to build an industrial chain around innovation [4]. - The goal is to promote the aggregation of various innovative elements towards the innovation alliances [4].

Core Viewpoint - The second batch of Yangtze River Delta Innovation Alliances has been announced, aiming to enhance technological innovation and industrial integration in the region [1][3]. Group 1: Innovation Alliances - A total of 12 new innovation alliances have been established, each led by a prominent company in the region [2]. - The leading companies and their respective innovation alliance names include: - Jiangsu Hengtong Optic-Electric Co., Ltd. leading the "Yangtze River Delta Marine Information Transmission Technology Innovation Alliance" - Jiangsu Aosai Kang Pharmaceutical Co., Ltd. leading the "Yangtze River Delta Antimicrobial Infection Drug Research Innovation Alliance" - Nanjing Meichen Microelectronics Co., Ltd. leading the "Yangtze River Delta Low Earth Orbit Satellite Communication Integration Technology Innovation Alliance" - And others across various sectors such as AI, semiconductor technology, and automotive [2]. Group 2: Objectives and Future Plans - The goal of these alliances is to create a collaborative framework involving leading technology enterprises, academic institutions, and various innovation entities to tackle major technological challenges [3]. - Future plans include improving organizational structures and operational mechanisms, leveraging the influence of leading units, and fostering innovation across the entire industrial chain [3]. - The alliances will focus on forward-looking collaborative research, joint tackling of key technologies, and the transformation and industrialization of scientific achievements to enhance the autonomous innovation capabilities and core competitiveness of key industries in the Yangtze River Delta [3].

市场概况： 上周（5月26日至5月30日）A 股市场呈现结构性分化格局，低估值蓝筹与中小盘股表现迥 异。上证指数、深证及创业板指均有不同程度下跌，而万得微盘指数逆势上涨 2.65%，反映出权重股在 流动性边际收紧预期下的承压状态；与之形成鲜明对比的是，中证 500、中证 1000 等中小盘指数分别 上涨 0.32% 和 0.62%，市场结构性机会明显。 权益方面，美股三大指数集体上涨，科技巨头业绩超预期支撑风险偏好。欧洲市场德国DAX、法国 CAC表现较好。亚洲市场分化相对显著，新兴市场中越南、印度、巴西等涨跌互现。CBOE波动率指数 （VIX）下跌超10%，市场恐慌情绪降温。 商品方面，各品种承压明显。能源与工业金属领跌，贵金属随美元走强而回调，COMEX黄金仍收报于 3300美元/盎司上方。农产品方面，仅生猪期货上涨，BDI 干散货因中国进口需求而有所波动。 图 一周摘要 图 行业板块： 上周Wind一级平均涨幅0.17%，Wind百大概念指数上涨比例67%。板块方面，环保、医药 生物、国防军工相对表现良好，分别上涨3.42%、2.21%、2.13%，计算机、传媒、交通运输、通信等小 幅上行，而有色金属、 ...

Group 1 - The core viewpoint is that the Chinese equity market is expected to enter a bull market starting from Q4 2025, driven by synchronized economic and policy cycles among major global economies, with a shift in market style towards core assets after four years of small-cap rotations [1][2] - The China Securities Index 800 Free Cash Flow Index has shown a positive performance, with a 0.90% increase, and notable gains in constituent stocks such as Debon Logistics (up 9.98%) and Lao Feng Xiang (up 7.35%) [1] - The introduction of policies to support listed companies in attracting institutional investors with over 5% holdings and establishing long-term cash dividend policies is expected to enhance corporate governance and attract long-term capital [1] Group 2 - Analysts believe that the decline in risk-free interest rates will be a key driver for the rise of the Chinese stock market in 2025, leading to a broad-based increase in valuations for both A and H shares, particularly benefiting blue-chip stocks [2] - The Cash Flow 800 ETF primarily consists of large-cap blue-chip stocks, focusing on high dividend yields, stable cash flows, and profitability [3] - As of April 30, 2025, the top ten weighted stocks in the China Securities Index 800 Free Cash Flow Index accounted for 69.54% of the index, highlighting the concentration of cash flow-generating companies [3]

Market Overview - On May 27, A-shares experienced a collective pullback, with the Shanghai Composite Index down by 0.18%, Shenzhen Component Index down by 0.61%, and ChiNext Index down by 0.68%. Only the North Securities 50 Index saw a slight increase of 0.08% [1] - The total trading volume in the Shanghai and Shenzhen markets fell below 1 trillion RMB, amounting to 998.93 billion RMB [2] Index Performance - The North Securities 50 Index has increased by 34.67% year-to-date, while the Shanghai Composite Index has decreased by 0.33% [2] - Other indices such as the Shenzhen Component Index and ChiNext Index have seen declines of 3.70% and 7.00% respectively this year [2] Sector Performance - In sector performance, textiles and apparel (1.30%), pharmaceuticals (0.97%), and beauty care (0.88%) showed the highest gains, while sectors like non-ferrous metals (-2.06%), electronics (-1.28%), and automotive (-1.05%) faced the largest declines [7] Hong Kong Market - The main indices in the Hong Kong market experienced varying degrees of increase, with the Hang Seng Technology Index leading with a rise of 0.48%. Southbound funds recorded a net inflow of 11.975 billion HKD [5][6] Industry Highlights - The 2025 American Society of Clinical Oncology (ASCO) annual meeting will take place from May 30 to June 3, showcasing over 70 research results from Chinese pharmaceutical companies, highlighting the growth and competitiveness of domestic innovative drugs in the global market [8] - The Beijing Stock Exchange has revised its major asset restructuring review rules, introducing a "small and fast" review mechanism and simplified restructuring procedures, which are expected to enhance the efficiency of mergers and acquisitions for listed companies [9]

证券时报·数据宝统计，截至下午13:58，今日沪指跌0.24%，A股成交量671.87亿股，成交金额8033.50亿 元，比上一个交易日减少1.61%。个股方面，2153只个股上涨，其中涨停81只，3026只个股下跌，其中 跌停3只。从申万行业来看，纺织服饰、环保、医药生物等涨幅最大，涨幅分别为0.96%、0.59%、 0.59%；有色金属、电子、汽车等跌幅最大，跌幅分别为2.15%、1.34%、1.20%。 今日各行业表现（截至下午13:58） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 纺织服饰 | 0.96 | 120.05 | 13.35 | 明牌珠宝 | 10.08 | | 环保 | 0.59 | 111.24 | 24.11 | 万德斯 | 11.30 | | 医药生物 | 0.59 | 646.97 | -7.98 | 新天地 | 17.87 | | 银行 | 0.54 | 179.24 | 3.25 | 杭州银行 | 2.25 | | 房地产 | ...

Group 1: Report Core Information - The report analyzes the industry deviation of the full holdings of active public - offering fund products in 2024, with a total of 4403 funds and a net asset value of about 2.88 trillion yuan [3][8] - On May 7, 2025, the CSRC issued the "Action Plan for Promoting the High - quality Development of Public - offering Funds", with two key points related to performance benchmarks [3][8] Group 2: Product Performance Benchmark - Nearly 70% of active equity products use the three major broad - based indexes (CSI 300, CSI 800, and CSI 500) as performance benchmarks, and the proportion is similar in terms of product scale [3][10] - About 18% of products use industry indexes as benchmarks, with products using medicine, consumption, emerging, and energy as benchmarks accounting for about 3% each [3][10] - In 2024, 14.0% of active products in terms of quantity and 16.3% in terms of scale used Hang Seng Index, Hong Kong Composite Index, and Hang Seng Composite Index as performance benchmarks [3][14] Group 3: Industry Allocation Deviation - Banks, non - bank finance, public utilities, food and beverages, computers, etc. are relatively under - allocated industries, with financial and dividend assets having a high degree of under - allocation [3][17] - Industries with an over - allocation margin close to or exceeding 1 percentage point include basic chemicals, social services, light manufacturing, etc., with electronics having an over - allocation of 4.9 percentage points [3][17] - In terms of absolute amount, banks and non - bank finance are under - allocated by about 190 billion yuan each compared to the performance benchmark, while electronics is over - allocated by nearly 140 billion yuan [3][18] - After excluding products with industry indexes as benchmarks, banks and non - bank finance are under - allocated by over 8 percentage points, and electronics is over - allocated by 5.8 percentage points. Banks and non - bank finance are under - allocated by about 180 - 200 billion yuan, and electronics is over - allocated by about 130 billion yuan [3][24]